Problem 3 (Adjusting Entries)
The following accounting was obtained from the books of Mo-Cafe on December 31, 2011:
- On December 1, 2011 Mo-cafe received $3,500 in advance for services to be performed next year. The amount was credited in Fees Earned.
- The amount of insurance that expired for the year is $2,300.
- A purchase of computer printer for $600 on account was recorded as a debit to Office Supplies for $600 and a credit to account payable for $600.
- The office supply account has a balance $2,341. A physical count of inventory revealed a balance of $1,232.
- Salaries of $430 were unpaid at December 31.
- Equipment costing $7,500 was purchased on January 1, 2011. The equipment has a useful life of 10 years and a salvage value of $2,500. Mo-cafe uses the straight line method of depreciation.
record/create the adjusting entries as of December 31, 2011. Mo-cafe is on a calendar year
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